Ingersoll Rand Completes Acquisition of CALMAC® Corporation, a Leading Thermal Energy Storage Company
Expands company’s thermal energy storage solutions portfolio and reinforces company’s climate commitment
Strong strategic fit with company’s strategy to help customers solve climate challenges including energy and fuel efficiency, food waste and productivity
Increases speed to market and broadens opportunity for growth in all regions of the world
SWORDS, Ireland — Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, announced it has completed the acquisition of CALMAC® Corporation, a privately held company specializing in thermal energy storage solutions.
When integrated with Trane’s industry leading building controls platform, CALMAC thermal energy storage solutions take pressure off of the energy grid. It operates similar to a battery, and uses the energy it stores to cool commercial buildings during times when the cost of energy is high. This reduces the strain on public utilities, reduces operating costs for building owners and allows for better use of renewable forms of energy.
“We are pleased to incorporate CALMAC solutions into our leading portfolio of energy efficient systems and services,” said Donny Simmons, president of the Trane Commercial HVAC business of Ingersoll Rand. “With the acquisition of CALMAC we are well positioned to offer customers even greater choices for managing energy and operating costs and capitalizing on the multi-billion dollar energy services market.”
More than 4,000 businesses and institutions in 60 countries rely on CALMAC’s thermal energy storage to cool their buildings, including some prominent buildings in the U.S. such as Rockefeller Plaza and the Credit Suisse Building in New York City and an Ingersoll Rand North America headquarters building in Davidson.
Energy efficient thermal storage systems reduce peak energy usage by roughly 35 percent by decreasing need for carbon-emitting “peak plants” – power plants that kick in when there is high demand for electricity.
The CALMAC acquisition is consistent with Ingersoll Rand’s strategy to help customers solve climate and industrial challenges including energy and fuel efficiency, food waste and productivity.
The value of this acquisition was not disclosed or material.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating comfortable, sustainable and efficient environments. Our people and our family of brands— including Club Car®, Ingersoll Rand®, Thermo King® and Trane® —work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; and increase industrial productivity and efficiency. We are a global business committed to a world of sustainable progress and enduring results. For more information, visit www.ingersollrand.com.